Individual major medical health insurance plans provide the holder and the family with financial protection and benefits. It is a type of health insurance that covers the expenses associated with serious illness or hospitalization. It is the terminology that was historically used to describe comprehensive health plans that covered most necessary care. It is an option for individuals and families who do not have access to a health plan through an employer or public program. Individual major medical plans offer comprehensive health insurance coverage and may be purchased from a health insurance carrier, agent or broker. Going without major medical insurance puts consumers’ health and finances at risk.
What is individual medical insurance?
Whenever the topics over health insurance come, it is comes in mind that a major medical insurance. Those who are left to purchase their own health plan may buy coverage for themselves and their family members.
Individual major plans offer benefits similar to those available through an employer-based plan. Consumers have to pay monthly premium for access to health care services. They meet a selected deductible before benefits and share the costs with the plan in the form of copayments or coinsurance.
As with the employer-based plan, the coverage is considered comprehensive and long-term. Policies last a full year.
Benefits major medical insurance coverage includes
Ambulatory patient services
Maternity and newborn care
Mental health and substance use disorder services
Rehabilitative and habilitative services and devices
Preventive and wellness services and chronic disease management
Pediatric services, including oral and vision care
Cost of an individual health plan
Individual major medical insurance premium rates and out-of-pocket expenses vary based on a number of factors. They also vary on selected design plan. Obamacare plans fit into four actuarial levels known as the metal plans. They are:
Bronze plan – 60% of covered medical expenses paid by the plan; 40% by the consumer
Silver plan – 70% of covered medical expenses paid by the plan; 30% by the consumer
Gold plan – 80% of covered medical expenses paid by the plan; 20% by the consumer
Platinum plan – 90% of covered medical expenses paid by the plan; 10% by the consumer
A catastrophic plan are also known as a minimum coverage plan, is available in many states to those under 30 or who qualify for hardship exemptions.
Consult the state’s health insurance carrier for more details.
Ideal for coverage
The insurance plans are ideal for those who need their own coverage for the long term. Without self-employed or part-time worker no one is eligible for employer-based coverage.
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In the age of Obmacare, can people buy individual major plans or not
State-based and federally facilitated health insurance exchanges are not the only place to obtain coverage for consumer and his family. Plans can be purchased from an agent or directly from a carrier. It is wise to consider additional insurance protection such as dental insurance or other plans that provide additional benefits pays lump-sum cash benefits when a critical accident occurs. This additional coverage can create more comprehensive benefits solution like that offered through an employer.